SHANGHAI, July 23, 2021 /PRNewswire/ -- With the evolving
landscape of the global automotive industry, Cango Inc. (NYSE:
CANG) ("Cango" or the "Company") is issuing a bi-monthly industry
insight called "CANGO Auto View" to bring readers, drivers and
passengers up to speed with what's on offer in the automobile
market, what trends are emerging, and what holes need to be
plugged.
Below is an article from the Company's 4th edition for
June 2021.
If we were to split the auto industry's hundred-year history
into four developmental stages, it would look something like this.
The first was the era of the earliest automakers, headed by
Mercedes-Benz, becoming luxury car brands with illustrious history;
the second stage was about US car manufacturers such as Ford that
invented the assembly line, built up price advantage and started
marketing their products worldwide; in the third stage, companies
represented by Toyota seized the opportunity during the energy
crisis, and gained market share with compact, low-emission and
high-quality products; and the fourth stage, where we are now, is
four new trends for OEMs – electrification, intelligence,
connectivity, and shared mobility.
Just as 3G technology gave birth to the PC Internet era and 4G
kicked off the mobile Internet wave, the invention of 5G opens up
the imagination for the transformation of traditional manufacturing
industries, including the automotive industry.
The increasing maturity of 5G is also pushing the global
automotive industry to speed up its journey towards
electrification, intelligence, connectivity, and shared mobility.
According to industry experts, the cost of single data unit
transmission will be reduced significantly because of the greatly
increased network capacity powered by 5G. More importantly, because
electric vehicles have inherent advantages in term of intelligence
development such as the short latency, with the deployment of 5G
networks and the acceleration of auto intelligence, more users are
expecting increasing intelligence of new energy vehicles.
An Conghui, President of Geely Holding Group, CEO and President
of Geely Auto Group, stated that the industry is headed towards
electrification, intelligence, connectivity, and shared mobility,
while Chinese companies enjoy natural advantages at this stage. For
example, when it comes to electrification, China is the largest market, where both the
government and consumers have their own needs for environmental
protection and air quality improvement; in the field of Internet of
Vehicles (IoV), Chinese consumers have the highest acceptance of
the Internet, and China owns the
largest number of IoV companies and related developers and
engineers, which helps the application of the Internet in
automobiles.
If we take a global look, the four new trends have become the
consensus of mainstream auto companies. Be it large domestic auto
groups such as FAW and Changan Automobile, emerging automakers
including Neo, Weltmeister and Li Auto, or multinationals like GM
and Volkswagen, they have all formulated detailed plans to "embrace
the era of electrification." This is an industry overhaul where
both old and new players are eager to try it out.
Have a look at some targets outlined by leading global
carmakers in this space:
Volkswagen: sales of pure electric vehicles to account for more
than 70% of car sales in Europe by
2030
Audi: stop developing new internal combustion engines
Bentley: PHEV or EV models to be available in all car series by
2026, and all products to be purely electric in 2030
BMW: pure EV sales to increase by more than 50% every year by
2025
MINI: all MINI models to be purely electric in early 2030s
Mercedes-Benz: discontinue production or sales of all
traditional fuel vehicles and provide hybrid or pure electric
versions for all models by 2022
Jaguar: become a pure electric luxury car brand in 2025
Land Rover: launch 6 pure electric products in the coming 5
years
Volvo Cars: fully electrified by 2025, with pure electric models
accounting for up to 50%, and transform into a pure electric brand
by 2030
General Motors: zero carbon emissions from new cars sold by 2035
and carbon neutrality by 2040
Ford Motor: stop selling any form of internal combustion engine
vehicles in the UK and Europe, and
achieve full electrification by 2030
Nissan: achieve 100% electrification of new models in core
markets in the early 2030s and realize carbon neutrality by
2050
Toyota Motor: new electrified vehicles sales to exceed 5.5 million in 2025, with over 4.5 million
HEVs and PHEVs and over 1 million EVs and FCEVs
About Cango Inc.
Cango Inc. (NYSE: CANG) is a leading automotive transaction
service platform in China
connecting dealers, financial institutions, car buyers, and other
industry participants. Founded in 2010 by a group of pioneers in
China's automotive finance
industry, the Company is headquartered in Shanghai and engages car buyers through a
nationwide dealer network. The Company's services primarily consist
of automotive financing facilitation, car trading transactions, and
after-market services facilitation. By utilizing its competitive
advantages in technology, data insights, and cloud-based
infrastructure, Cango is able to connect its platform participants
while bringing them a premium user experience. Cango's platform
model puts it in a unique position to add value for its platform
participants and business partners as the automotive and mobility
markets in China continue to grow
and evolve. For more information, please visit:
www.cangoonline.com.
Media Contact:
Juliet Ye
Cango Inc.
Tel: +86 21 3183 5088 ext.5581
Email: pr@cangoonline.com
Twitter: https://twitter.com/Cango_Group
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SOURCE Cango Inc.